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Acquisitions and Dispositions | 3 Months Ended
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Mar. 31, 2015
Business Combinations [Abstract] |
Acquisitions and Dispositions | (4) ACQUISITIONS AND DISPOSITIONS 2015 Dispositions In first quarter 2015, we sold miscellaneous unproved property, proved property and inventory for proceeds of $10.7 million resulting in a pre-tax loss of $175,000. Included in the $10.7 million of proceeds is $10.5 million received from the sale of West Texas properties which closed in February 2015. 2014 Dispositions In first quarter 2014, we sold miscellaneous unproved and proved property for proceeds of $294,000 resulting in a pre-tax loss of $353,000. Conger Exchange Transaction In April 2014, we entered into an exchange agreement with EQT Corporation and certain of its affiliates (collectively, “EQT”) in which we sold our Conger assets in Glasscock and Sterling Counties, Texas in exchange for producing properties and gas gathering assets in Virginia and $145.0 million in cash, before closing adjustments. We closed the exchange transaction in June 2014 and recognized a pre-tax gain of $282.7 million. For the period from January 1, 2014 through March 31, 2014, we recognized $12.4 million of field net operating income (defined as natural gas, oil and NGLs sales and net brokered margin less direct operating expenses, production and ad valorem taxes and transportation expenses) for our Conger assets.

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- Definition The entire disclosure for business combinations, including leverage buyout transactions (as applicable), and divestitures. This may include a description of a business combination or divestiture (or series of individually immaterial business combinations or divestitures) completed during the period, including background, timing, and assets and liabilities recognized and reclassified or sold. This element does not include fixed asset sales and plant closings. + References No definition available. + Details
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